Saudi Arabia and Switzerland to collaborate in Fintech sector
Saudi Arabia and Switzerland have evinced keen interest to collaborate in the Fintech sector following the first successful Saudi-Swiss Fintech Forum held here recently. The Riyadh-based embassy of Switzerland organized the inaugural forum at the Public Investment Fund (PIF) headquarters in partnership with the Saudi Ministry of Investment and Fintech Saudi under the theme "Connecting Leaders through Borders".
The event brought together key stakeholders from both countries to explore synergies in the Fintech sector. Over 100 participants attended, including diplomats, senior company representatives, investors, and regulators. Prominent among the participants included Swiss Ambassador Yasmine Chatila Zwahlen, Waleed Alballa, General Partner of Sukna Venture, Emad Kashgari, chief executive of 1957 Ventures, and Eva Selamlar, head of Geneva-based FIND.
On this occasion, Ambassador Zwahlen said, "The forum provided an opportunity to identify areas of potential collaboration as the Fintech sector continues to evolve.” “The forum paved the way to build the bridge between established players in the industry,” said the diplomat, while referring to the strength of the Swiss Fintech sector, its regulatory framework, and entrepreneurship.
The ambassador said that the forum served as a vital platform for both countries to exchange insights, foster partnerships, and challenge traditional financial models. Switzerland, as an established financial hub, continues to lead in global innovation and has been ranked as the world’s most innovative economy for 14 consecutive years (according to the 2024 Global Innovation Index by WIPO).
Ambassador Zwahlen also highlighted the significance of this collaboration and said: “Fintech has the power to transform financial systems, aligning with Saudi Arabia’s Vision 2030.” “We are excited to explore new opportunities with Saudi partners to foster innovation,” said the diplomat, adding that the forum marked a pivotal moment in the evolving partnership between Switzerland and Saudi Arabia, setting the pathway for ongoing dialogue, investment, and innovation in the fintech sector.
She further said that “the event reflected the shared commitment to shaping a digital-first future for both countries.” To this end, it is important to mention that more than 10 percent of all global European Fintech enterprises are located in Switzerland, with 30 percent of Swiss Fintech firms offering financial-oriented services. On the other hand, the Kingdom’s continued digital transformation creates a favorable environment for Fintech start-ups to establish.
Referring to the progressively growing relations between the Kingdom and Switzerland, Nezar AlHaidar, chief executive of Fintech Saudi emphasized the importance of the relationship and said: “By working together, Fintech Saudi and its Swiss counterparts create opportunities for knowledge sharing, foster strong partnerships, and open doors to new markets for Fintechs in both countries.”
“As we strive to position Saudi Arabia as a global fintech hub, this collaboration deepens the ties between our ecosystems, driving innovation and progress,” explained AlHaidar, while referring to the forum that helped to explore the alignment between Switzerland and Saudi Arabia to mutually drive forward the fintech ambitions of both countries, in line with the goals of Vision 2030 for a diversified, technology-driven economy.
Speaking in an interview on the forum’s sidelines, Andreas Iten, CEO and General Partner of Tenity Co., said that “there are more than 483 Fintech companies in Switzerland (by the end of 2023)”. He said that the Fintech companies in Switzerland are uniquely positioned to address and solve financial challenges, leveraging technology to bridge gaps in the traditional financial landscape.
“As Saudi Arabia continues to advance its digital infrastructure and regulatory environment, the potential for further collaboration, innovation, and growth within the Fintech sector is immense,” said Selamlar, FIND head. In this context, it is important to mention that Saudi Arabia’s Fintech market in terms of assets under management value is expected to grow from $63.9 billion in 2024 to $87.1 billion by 2029.
In a brief interview on the sidelines of the forum, Yazeed Al-Shamsi, chief executive and co-founder of Ejari Company, said that “the Kingdom can learn from the Swiss experience as Switzerland has been known as the motherland of banking and finance industries.” Yazeed, who heads Ejari, a Saudi real estate technology company, said that Ejari facilitates tenants' access to real estate and helps them manage their budgets better.
The inaugural Saudi-Swiss Forum discussed different aspects of collaboration at length. Key discussions focused on partnerships, innovation and collaboration. Talks about cross-border collaboration also took place, with Swiss and Saudi experts sharing insights and practical solutions to accelerate fintech growth and overcome challenges through innovation.
The forum has added significance, keeping in view the fact that Saudi Arabia has the largest financial services industry in the Middle East, which embraces fast growth and digital transformation in line with its Vision 2030. Moreover, FinTech is having a transformative impact on the Kingdom's economy, enhancing financial inclusion, streamlining transactions, and stimulating investment opportunities. By fostering collaboration between FinTech start-ups and traditional institutions, the Kingdom can continue to leverage the potential of FinTech and boost economic growth in the digital era.
